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Benzinga
Benzinga
Business
Namrata Sen

Tesla Short Sellers To Earn Nearly $1.4 Billion In Profits Amid Elon Musk's Political Ambitions: Report

Elon Musk United States Donald Trump Tesla Inc.
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In the wake of Elon Musk‘s political aspirations, traders who bet against Tesla Inc. (NASDAQ:TSLA) are projected to earn approximately $1.4 billion due to a resultant drop in the company’s stock.

What Happened: Elon Musk's plan to launch a new U.S. political party has sparked doubts about his focus on Tesla's future. Coupled with his ongoing public clash with President Donald Trump over the tax-cut and spending bill, this led to nearly a 7% drop in Tesla's shares during early trading on Monday, according to a Reuters.

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